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China EV Boom Drives Taiwan Auto Fastener Rebound

China EV Boom Drives Taiwan Auto Fastener Rebound
May 08
08:51 2024

Taiwan’s fastener industry has been hit hard by the recession. But one sector is finding success in the electric vehicle market.

Taiwanese automobile fastener companies, including Boltun, Sumeeko and Spec Products Corp., expect higher results this year.

“Automotive fastener sales are going up with the EV boom in China,” Fastener World magazine reports.

China’s automobile sales jumped 10.6% to 6.72 million units in the opening quarter of 2024. One company reported current export orders for automotive fasteners have rebounded to 80% to 90% of the pre-recession level.

Orders for automotive nuts have rebounded to more than 70%, “although the recovery is relatively slow,” according to Fastener World.

S&P Global forecasts growth in 2024, with Taiwan fastener exports expected to rise 5.4%.

Last year Taiwan fastener exports fell 25% to US$4.6 billion as geopolitical conflicts, inflation, and slowing economic growth reduced orders.

In 2022, Taiwan exported 1.67 million tons of fasteners, with the export value topping US$6.14 billion for the first time.

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